Sealed Air Purchases Dry Lube to Expand Technology and Sustainability Footprint
By Business Wire News
By Business Wire News
Sealed Air Corporation (NYSE:SEE) announced it has acquired Dry Lube Ltd. (DL) and its subsidiary Dry Lube Inc., a specialized, water-free conveyor lubrication technology and service provider for the food and beverage industry. Dry Lube’s technology enables brewing, beverage and dairy companies to perform critical conveyor belts lubrication without the use of water.
“The acquisition is aligned with our Change the Game strategy and accelerates our time to market for sustainable, innovative solutions,” said Karl R. Deily, President of Sealed Air’s Food Care Division. “For the majority of beverage companies, 20 percent of their water usage is related to lubrication and cleaning. Combined with our existing expertise, Dry Lube enables us to further reduce water usage and treatment costs, create cleaner and safer working environments, and improve operational efficiencies.”
Dry Lube was established in 2005 and is headquartered in Edinburgh, U.K. The company sells directly to customers in the United States and Europe and through distribution to the rest of the world.
Terms of the transaction were not disclosed. The acquisition closed in early December and is not material to Sealed Air’s financial results.
Sealed Air Corporation creates a world that feels, tastes and works better. In 2014, the Company generated revenue of approximately $7.8 billion by helping our customers achieve their sustainability goals in the face of today’s biggest social and environmental challenges. Our portfolio of widely recognized brands, including Cryovac® brand food packaging solutions, Bubble Wrap® brand cushioning and Diversey® cleaning and hygiene solutions, enables a safer and less wasteful food supply chain, protects valuable goods shipped around the world, and improves health through clean environments. Sealed Air has approximately 24,000 employees who serve customers in 175 countries. To learn more, visit www.sealedair.com.
We routinely post important information for investors on our website, www.sealedair.com, in the “Investor Relations” section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
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Sealed Air Corporation
Lori Chaitman, 201-703-4161
Ken Aurichio, 201-703-4164